Kraken crypto exchange has announced that it is expanding its Kraken Custody services to the United Kingdom and Australia. This is the first time Kraken is offering these services outside the United States, following their successful U.S launch earlier this year.
This expansion aims to provide institutional clients outside the US with a secure way to store and manage their digital assets.
Tim Ogilvie, Kraken’s global head of institutional, explained that expanding to the UK and Australia is a logical next step for Kraken Custody. He also mentioned plans to offer these services in other areas like the European Union, Switzerland, Cayman Islands, and British Virgin Islands in the near future.
Kraken Custody
Kraken Custody is designed to help institutions store, manage, and grow their cryptocurrency holdings while complying with regulations. The service uses advanced security measures created by Kraken’s own cybersecurity team.
These include MPC technology and HSMs for key storage and policy enforcement. In simpler terms, these features give clients more flexibility and quick access to their assets while keeping them secure.
Ogilvie further explained that institutions need a custody solution that allows them to store, manage, and scale their strategies effectively. Kraken Custody aims to meet these needs by providing a robust and secure platform for institutional clients to engage with digital assets.
This expansion coincides with other recent developments for Kraken. The exchange has partnered with Spanish football club, Atletico Madrid, becoming the team’s official sponsor for the 2024 season
Additionally, Kraken has started distributing funds to users affected by the Mt. Gox incident. The exchange informed users that it had received these funds and would be distributing them over one to two weeks. According to data from Arkham Intelligence, a transfer of 48,641 Bitcoin (worth about $3.1 billion) was sent to what they believe is a Kraken-associated wallet.
As part of the reimbursement process, Kraken has worked closely with Mt. Gox trustees to ensure the recovered funds are properly distributed to creditors.Â
